Answers
A retail business rice goods selling person purchases of site value Rs:22 lacs.but cash on hand balance available Rs:15 lacs in books as on site purchases date.
Cash balance difference amount Rs:7 lacs increased options mentioned below.
1.cash sales increased as site purchases date
2.cash gifts received from relatives and family members
3.cash loan received from different assess(each one rs:19,000*35 different members)
Question:
A business person above mentioned options cash increased safe and correct allowed in i.t act.
Answer by: vishal
Sir why are you purchasing item of rice of having huge amount in cash, you have to purchase through cheque/RTGS payment. you have to arrange short cash through this way is not good. i am not giving any advice such that.